Earnings per Share

6 Months Ended

Jul. 02, 2022

Earnings per Share

Earnings per Share

(13) Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus all additional shares of common stock that would have been outstanding if potentially dilutive shares of common stock had been issued upon the exercise of stock options or in connection with performance shares that may be earned under long-term incentive awards as of the grant date, in the case of the stock options, and as of the beginning of the period, in the case of the performance shares, using the treasury stock method. For the second quarter of 2022 and 2021, there were 721,427 and 498,963, respectively, shares of common stock issuable upon the exercise of stock options excluded from the calculation of diluted weighted average shares outstanding because the effect would have been anti-dilutive on diluted earnings per share.

	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 2,		July 3,		July 2,		July 3,
	2022		2021		2022		2021
Weighted average shares outstanding:
Basic		69,903,828		64,776,532		69,266,967		64,679,761
Net effect of potentially dilutive share-based compensation awards		382,505		633,312		384,638		630,019
Diluted		70,286,333		65,409,844		69,651,605		65,309,780